Foundation moves to rescue KPN from Slim takeover
An independent foundation linked to Dutch telecom company KPN moved Thursday to block a takeover by America Movil, the Mexican operator owned by the world's richest man Carlos Slim.
Foundation Preference Shares B KPN said it exercised a call option to acquire preferred shares giving it around 50 percent of voting and issued shares and enabling it to block the Latin American mega offer.
"The Foundation has intervened in this way in order to safeguard the interest of KPN and its stakeholders, including shareholders, employees, customers, trade unions and Dutch society more generally," a statement said.
America Movil already has a 29.77-percent stake in the Dutch telecoms company after launching a hostile partial take-over in the summer of 2012.
Slim's company announced on August 9 its intention to make a public offer for the rest of the shares in KPN, valuing the Dutch company at 10.2 billion euros ($13.6 billion).
The foundation said it considered the offer a hostile takeover bid because America Movil had not consulted and attempted to negotiate a merger protocol with KPN prior to making its bid.
© 2013 AFP